Petrol, Diesel Prices Hit New Highs In Some Cities On 4 Febraury

After a 35 paise increase in retail prices of fuel on Thursday, petrol and diesel rates rose to new all-time highs in various major cities of India.

The latest hike by oil marketing companies (OMCs) in India has raised petrol prices per litre to Rs 86.65 in New Delhi, Rs 88.01 in Kolkata, Rs 93.20 in Mumbai and Rs 89.13 in Chennai.

Meanwhile, diesel prices per litre rose to Rs 76.83 in New Delhi, Rs 80.42 in Kolkata, Rs 83.67 in Mumbai and Rs 82.04 in Chennai.

In Delhi, while petrol hit a record high on Thursday, the all-time high of Rs 81.94 a litre for diesel was seen on 30 July 2020.

Having held rates steady for 29 days, OMCs began raising auto fuel prices since early January.

These rates are revised on a daily basis at 6 am based on changes in the international crude oil prices. Oil prices have been on an upswing after the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies held on 3 February, wherein it was decided to continue with output curbs. The group's decision is significant for India as production from the cartel makes up for about 40% of global output and 83% of India's oil imports.

"The Committee noted that since the April 2020 Ministerial Meeting, OPEC and non-OPEC countries have adjusted oil production down by a cumulative 2.1 billion barrels, stabilizing the oil market and accelerating the rebalancing process," OPEC said in a statement on Wednesday.